Broken Record

I feel like a broken record repeating the same arguments day after day but my outlook has not changed. There is a very high level of complacency as many are banking on seasonal factors to carry us through the year. If anything goes wrong in our unbalanced global economy, market participants are ill prepared.

At the same time, I learned the hard way that it is very difficult to go short at this time of year. In addition, we are seeing a continued M&A bid with private equity going after J. Crew. All in all its tough to have much conviction in either direction.

I am heading on a much needed vacation tomorrow and my appetite for any type of risk is diminished. There will be better opportunities.

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